shaalaa.com
S

Question - Reconstitution of Partnership Examples and Solutions

Account
User


Login
Register


      Forgot password?
Share
Notifications

View all notifications
Books Shortlist
Your shortlist is empty

Question

Given below is the balance sheet of Vaishali, Madhuri and Shobha, who were sharing profits and losses in the ratio of 3 : 3 : 2.

                                                           Balance Sheet as on

                                                             31st March, 2012

LiabilitiesAmount (Rs.)AssetsAmount (Rs.)
Creditors34800Cash21600
Bills Payable8800Machinery34800

Capital A/c

        Vaishali

        Madhuri

        Shobha

 

48000

52000

36000

Debtors50000
 Reserved Fund16000Stock25200
  Furniture16000
  Building48000
 195600 195600

 

On 1st April, 2012 Shobha retired from the firm on the following terms:

1. Assets be revalued as under:

Stock Rs. 24,000, Machinery Rs. 32,000, Furniture Rs. 16,800.

2. R.D.D. be maintained at 4% on debtors.

3. An item of Rs. 400 from creditors is no longer a liability and hence should be properly adjusted.

4. The amount due to Shobha be transferred to her loan account.

Pass necessary Journal Entries in the books of the firm.

Solution

You need to to view the solution
Is there an error in this question or solution?

Question appears in these question papers

Similar questions

S